Japanese AI developer Alt goes bust after accounting fraud

Japanese artificial intelligence developer Alt, which revealed accounting irregularities recently, has filed for bankruptcy protection with the Tokyo District Court under the civil rehabilitation law. The court accepted the application, according to the Tokyo-based company's announcement Wednesday. Alt left debts totaling about 2.4 billion ( 16.1 million) and aims for its rehabilitation by finding a sponsor entity that will take over its operations. Alt's line of business includes a service to create meeting summaries using AI. The company went public on the Tokyo Stock Exchange's Growth section for startups in October 2024, 10 years after its establishment in 2014.